Research from allAgents has uncovered that only 55 percent of estate agents in the UK are accurately valuing properties
These findings are based on allAgents own valuation accuracy statistics that are collected during the customer review process.
Director Martin McKenzie said ‘It is well recognised that in-person valuations are more accurate than an AVM (Automated Valuation Model) tool. However, as our research has found, finding those agents is not as easy as we thought.
“Anyone watching programmes like Homes Under the Hammer will note that some of the local agents’ estimations can differ considerably. ‘So it is not surprising that sometimes vendors have difficulty choosing an estate agent and they may be swayed by attractive valuation offers.
“For a long time now, we have been asking reviewers if their agents’ valuations had been accurate.These answers are defaulted to yes, so the percentage only drops if they change to No.
“On our website, we now provide a printable summary report of agents’ overall performance and valuation accuracy, which can be presented to potential clients giving them further confidence on the advice given. Agents are welcome to utilise the summaries of their competitors as a comparison tool. We believe this will not only help to improve the sector but will assist in wiping out unscrupulous or incompetent practices and will aid the best agents to win business.
McKenzie further says ‘ We have been trialing this out with a small selection of agents and the feedback has been excellent’
David Mooney of 11 branch Pacitti Jones says ‘for the last few weeks I have been adding this to my information pack and have found it to be highly helpful to win instructions and justify my valuation. I believe in honesty, but this also makes good business sense as clients are more likely to recommend your services and return as future clients if they trust in what you advise. One client recently asked the common question “Why should I use you?” I was able to show excellent comparable evidence to justify my valuation and the allAgents report proving my accuracy level, based on client reviews. These reports could well be a game changer and would encourage others to incorporate them in their presentation to prospective clients.’
allAgents have set a scale for the following levels of competency.
95% or above – Highly Accurate
90-94% – Accurate
80-89% – Competent
The summary report can be found on the right hand side of an agent’s branch page
Individuals with staff profiles can print their own personal summary report .
For further information, please contact: Martin McKenzie
Email: [email protected]
Phone: 0333 000 2027